Paya Acquires Paragon Payments Solutions For Undisclosed Sum

Paya Holdings Inc PAYA announced the acquisition of integrated payments solutions provider Paragon Payments Solutions for an undisclosed sum.
Paragon focused on the non-profit and healthcare vertical needs.
Paragon's omnichannel solutions offering, partner-centric distribution model, payment agnostic platform, and card-not-present volume mix were highly complementary to Paya's business.
Paragon processes $1.5 billion in yearly payment volume and has been a Paya distribution partner since 2011.
Paragon CEO Roy Bricker will assist with joint integration efforts. Paragon President Brock Robertson will join Paya to help lead ISV sales efforts.
The acquisition marked Paya's fourth acquisition and followed its blueprint of executing strategic M&A of integrated payment providers in attractive end markets, serving as a powerful complement to its organic growth strategy, stated Paya CEO Jeff Hack.
Paya plans to divulge the acquisition detail on its first-quarter 2021 earnings conference call in May.
Paya had recently raised $122.5 million from a secondary stock offering. It held $23.6 million in cash and equivalents as of Dec. 31, 2020.
Price action: PAYA shares traded higher by 3.08% at $11.03 on the last check Monday.